As many people are aware the percentage of businesses that fail in the first 5 years is really about 50%.
So we really felt strongly about celebrating our 5 years in business milestone.
YEAR 1: I had left my full-time IT career to start the property management business. My goal starting out was to replace my income and have flexibility for myself and my young family. It was a fun year, I was operating as a solopreneur and I had free time and a growing business.
Lesson Learned: Go for the business you want to start, don’t wait, there will never be the perfect time.
YEAR 2: I made the decision that I wanted to grow and develop a ‘real’ business.
I started taking on just about any property and many of them came with a lot of challenges.
Student Rentals, Vacation Rentals, I discovered are not for us. It was a very challenging year!
I learned a lot of painful lessons:
Set boundaries, find a tribe of like-minded people, get clear on what your business focus is.
YEAR 3:
I was focused on growing the business and recovering from the stress that the previous year caused. I felt like a dispatcher most days, immersed in being all things. I realized that I needed help to get passed the feeling of overwhelm.
Lesson Learned: You can’t do everything your own. Hiring help is essential when you grow past a certain point.
YEAR 4:
Hired first full-time employee to help with Leasing homes for rent.
Highlights:
We took a training course “Performing Excellence” with Symplicity Designs.
We started a Halifax Real Estate Investing Group to meet with other investors.
Joined a BNI Chapter in Dartmouth, a team of wonderful professionals.
We launched our Podcast. You can check it out here: www.happyplacepm.com/podcast
We incorporated the business as Happy Place Property Management Ltd.
Lessons Learned: Systems are needed, set expectations with tenants and owners, Work “ON “your business vs “IN” your business,
YEAR 5:
Pandemic caused it to be a different Year. It surprisingly did not impact our business in a large way. Many people moved to Halifax and we were very busy.
Highlights
Received two nominations for RBC Women of Influence Award.
Joined a Mastermind “Doorprenueur” to focus on excellence in property management.
Performed a business acquisition to acquire a small portfolio of long term rental properties.
Lessons Learned: Set boundaries for your time, Build a team who believes in your vision, Focus on your Family. Stay positive and focus on things that are in your control to change.